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E-book The Case of Mexico

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Penilaian

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In this chapter, I employ a model of the consolidated government budget constraint to study the monetary and fiscal history of Mexico. I study the period 1960–2017, dividing it into three subperiods: rapid growth and monetary expansion, 1960–1982; crisis and reform, 1982–1995; and slow growth and macroeconomic stability, 1995–2017. The crisis and reform period includes the major economic crises of 1982 and 1994. I argue that a simple version of the model explains the 1982 debt crisis. A richer version is needed to explain the more complex 1994 crisis. A constitutional change that made the Banco de México independent of the federal government in 1993 was the first step in a transition from fiscal dominance to monetary dominance. Inflation fell persistently after 1995, reaching values of 3 percent per year in 2016, which was the inflation target of the Banco de México. On the fiscal side, I observe that the total debt-to-GDP ratio increased from1960 to 1988 and fell from 1988 to 2009. Between 2009 and 2016, the total debt-to-GDP ratio grew persistently. Between 1960 and 1982 Mexico went through a period of rapid growth and fiscal
expansion, up to the 1982 crisis. The country then went through a period with crises in 1982 and 1994. During this period the government implemented major important reforms. Finally, Mexico experienced a period of slow growth and macroeconomic stability, interrupted by the global recession of 2008–2010. Figure 1 plots real GDP per capita and compares it to a trend line of growth of 2 percent per year.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

338.91 MEZ t

Penerbit

Mexico : BFI., 2019

Deskripsi Fisik

40 hlm

Bahasa

English

ISBN/ISSN

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Klasifikasi

338.91

Tipe Isi

text

Tipe Media

computer

Tipe Pembawa

online resource

Edisi

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Subjek

International Economic Development

Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

Lampiran Berkas

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